Apprehensions Regarding EMI Moratorium? Here are the Clarifications.

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EMI moratorium is a great advantage for many customers. So, the Reserve Bank of India extended the EMI moratorium period for three months from June to August. This would be a great relief to the customers during the COVID-19 pandemic against liquidity crunch. Many customers are confused about the details on the availability of extension on EMI moratorium.

There are some apprehensions for existing customers about whether they need to apply for EMI again or will it be automatic for those who have already opted for EMI moratorium. So, some of the banks have listed out some details to avoid the confusion of customers.

  ICICI Bank has listed out the details for their customers that, they can apply for the moratorium for June only right now. If the customers want to extend the moratorium, they should have reapplied for July and August and customers need to apply five days before the date on which their EMI is due. Customers EMI may be deducted unless they apply within less than five days. In the next seven days, the customers will be refunded the amount if they apply for the moratorium in that month. The last day for applying moratorium is June 24th for ICICI Bank customers and also, they provide the online facility to apply for the extension through the bank’s website or links sent on email or SMS.

 In the case of HDFC Bank, the customers would not get moratorium for those who have already opted earlier, the customers need to reapply for the extension on the bank’s website. They can choose the moratorium for three months or has the option to choose one month at a time. If the customers do not want the moratorium there is no need for any actions to be taken. The HDFC Bank deducts the EMI before the person applies for a moratorium for the month of June and as per the moratorium request, it will be refunded within five working days of acceptance.

  As per public sector bank like State Bank of India, each customer will receive an SMS from the bank to the customer’s registered mobile number and they need to reply ‘YES’ within 5 days.

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